Chapter 11 Review

A buyer brokerage agreement is an employment contract between the brokerage and a buyer

• True

• False

Brokers and sales associates should NOT prepare deeds, mortgages, or promissory notes

• True

• False

The statute of limitations for an oral contract is five years

• True

• False

Love and affection is an example of valuable consideration

• True

• False

Obligates both parties to perform

All of the obligations have been fully performed

Obligates only one party to perform

All of the conditions have not been fully performed

A contract when all the terms are spelled out and there is a mutual understanding

A contract in which one or more obligations have not been stated in words but may be reasonably assumed by the acts of the parties